https://www.taxtmi.com/highlights?id=98612 Prior-period expenditure may be considered for the correct assessment year where its genuineness is undisputed and the surrounding circumstances support the claim. The text notes that the expenditure was not disputed by the revenue and, because the assessee was a public company, the court directed that the claim be examined for AY 2003-04 if a revised computation was filed within the stated time. The operative effect is that the assessee was permitted to seek consideration of the expenditure in the appropriate year, rather than having the claim rejected on the basis of timing alone. en-us Thu, 09 Apr 2026 08:09:11 +0530 Thu, 09 Apr 2026 08:09:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=98612 Prior-period expenditure may be considered for the correct assessment year where its genuineness is undisputed and the surrounding circumstances support the claim. The text notes that the expenditure was not disputed by the revenue and, because the assessee was a public company, the court directed that the claim be examined for AY 2003-04 if a revised computation was filed within the stated time. The operative effect is that the assessee was permitted to seek consideration of the expenditure in the appropriate year, rather than having the claim rejected on the basis of timing alone. Highlights Income Tax Thu, 09 Apr 2026 08:09:11 +0530 https://www.taxtmi.com/highlights?id=98612